British investments in Egypt hit $5.1B last FY: Mahlab

CAIRO: Total British investments in Egypt surged to $5.1 billion during the past FY (2013/14,) marking an increase of 28 percent compared with $4 billion a year earlier, Prime Minister Ibrahim Mahlab said Tuesday.

Mahlab remarks were part of his speech at the conference of the British Egyptian Business Association (BEBA) held in Cairo Tuesday, Youm7 reported.

Prime Minister Ibrahim Mahlab talking to a British investor in Egypt – YOUM7

The U.K. Minister of the Middle East and North Africa Tobias Ellwood who arrived in Cairo early Tuesday attended the conference. Ellwood was accompanied by more than 40 leading British companies in fields of energy, construction, and retail sectors to discuss investment projects with the Egyptian government.

Mahlab invited British investors to participate in Egypt’s upcoming Economic Summit that is due to be held March 13- 15 in Sharm el-Sheikh.

Head of the BEBA giving his speech at the conference – YOUM7

“The government has revised a package of new investment laws, and the New Investment Law will provide more flexibility through creating the “one-stop shop” investment window system, in addition to an investor protection law,” Mahlab stated.

Egypt’s Economic Summit will witness the launch of “The 4-Year Investment Program” which will highlight the potential investment in Egypt, according to the Prime Minister.

part of the paricipants at the confernce – YOUM7

“This significant trade mission that underlines Britain’s commitment to helping the Egyptian people build a successful future for their country – an Egypt that is more secure, more democratic, and more inclusive. Key to this future is a dynamic economy that creates jobs and opportunities for all,” said Ellwood in a Monday statement.

On Sunday, Egypt’s Minister of Investment Ashraf Salman said at a press conference held in Cairo: “We (the government) have invited nearly 120 countries and 3,500 investors to participate in Egypt’s Economic Summit.”